National Securities and Stock Market Commission of Ukraine outlines 2027 securitization preparations and defense issuer disclosure pilot

At the International Sustainability Forum 2026, National Securities and Stock Market Commission of Ukraine member Maksym Libanov reviewed preparations for securitization and covered bonds and a pilot addressing disclosure risks for defense companies. These efforts extend the Commission’s work to diversify a securities market where government bonds account for about 80% of annual turnover, which totaled nearly UAH 2.5 trillion in 2025. Libanov called for eliminating tax disparities that favor government bonds, whose income is taxed at 0%, compared with a combined burden of 23% on other investment products, including deposits and corporate securities. The president has signed the law on securitization and covered bonds, which takes effect July 1, 2027. The Commission and the National Bank of Ukraine will develop and issue the implementing regulations during the transition. The instruments will enable banks and other financial institutions to raise funding against existing loans, replenish liquidity and support longer term financing. Preliminary discussions are underway with financial institutions considering their first issues in their 2027 financial plans. Libanov also identified alignment with European Union standards as a driver of investment demand. In defense technology, companies have already raised private capital through corporate bond issues totaling several billion hryvnias. The Commission is testing special arrangements through the Vyriy Industries case to reconcile issuers’ security needs with investors’ access to information needed for investment decisions. Broader use of these mechanisms is conditional on successful completion of the pilot.